营收破万亿利润再创历史新高，持续提高股东回报

Investment Rating - The investment rating for the company is "Buy" with a target price not specified [3]. Core Views - The company achieved a revenue of 1,009.3 billion RMB in 2023, representing a year-on-year growth of 7.7%, with core business revenue reaching 863.5 billion RMB, up 6.3%, surpassing the industry average growth rate [1][3]. - The net profit attributable to the parent company was 131.8 billion RMB, reflecting a 5.0% increase, maintaining a leading level of profitability among international operators [1][3]. - The EBITDA for the year was 341.5 billion RMB, showing a growth of 3.7% [1]. Financial Performance Summary - In 2023, the company’s capital expenditures totaled approximately 180.3 billion RMB, with 88 billion RMB allocated to 5G network investments, resulting in over 1.94 million 5G base stations opened [4]. - The company plans to invest approximately 173 billion RMB in capital expenditures for 2024, with 69 billion RMB earmarked for 5G network investments and 47.5 billion RMB for computing power [4]. - The board proposed a dividend payout ratio of 71% for 2023, with plans to increase cash distributions to over 75% of the annual profit attributable to shareholders within three years [6]. Business Segment Performance - In the personal market, revenue reached 490.2 billion RMB in 2023, with a slight growth of 0.3%, and mobile customers increased to 991 million, with 5G package customers reaching 795 million [23]. - The home market generated 131.9 billion RMB in revenue, up 13.1%, with broadband customers increasing to 264 million [23]. - The government and enterprise market saw a revenue of 192.1 billion RMB, growing by 14.2%, with a significant increase in cloud service revenue [23]. Future Outlook - The company anticipates continued growth in its CHBN strategy, with a focus on digital transformation and expanding its market share in various segments [6][23]. - Profit forecasts for the years 2024 to 2026 are projected at 142.6 billion RMB, 153.1 billion RMB, and 164.3 billion RMB, respectively, indicating a positive growth trajectory [6].